How To Modify Life Insurance With Riders?

Type of Rider

Description

Accidental Death Benefit Rider

Under accidental death benefit rider, the sum assured is paid to the nominee in case the life assured passes away in an accident. 

Accidental Total and Permanent Disability Rider

Under Accidental Total and Permanent Disability rider the insurance company provides the life assured with rider benefit in case he/she suffers total permanent disability caused by an accident, forcing the life insured to quit working. 

Waiver of Premium Rider

This is a very significant and advantageous rider that provides a provision that allows the policyholder and his/her nominee(s) to gain insurance benefits without having to pay premiums in the case of a predefined event or illness. The coverage continues to be effective, but the balance premiums are waived.

WOP Rider on CI

This rider has four vital conditions: cancer, open chest CABG, first heart attack and stroke. Upon diagnosis in any of these 4 serious diseases, future premiums charged under the contract and riders (if any) will be forgiven while the life cover as well as all riders will begin.

Women CI rider

This rider deals with the critical illnesses of women. A certain proportion of the amount provided by the standard package (sum assured) will be paid upon diagnosis of any of the diseases covered.

Income Rider

This is the rider that authorises the nominee(s) of the policy holder(s) to obtain a certain amount as a guaranteed income in the event of the death of the policy holder within the duration of the plan.

Critical Illness Rider

Often referred to by other names such as major surgical assistant rider and dreaded disease rider, it offers extra protections for serious illness. For most cases, the extra coverage is equal to the sum assured by the basic insurance which is paid upon diagnosis of the condition. The diseases covered differ among insurers.

Term Assurance Rider

It provides the profit in the form of a rider, equivalent to a term plan. Adding that to the basic policy enhances the risk scope at a reduced rate. Some insurers provide annual premiums instead of a lump sum settlement. In certain schemes, the term insurance profit of the rider could have a limit of Rs 25 lakh under all policies of the life guaranteed of the insurer.

Guaranteed Insurability Option Rider

Insurance continues to adapt as one gets older. With more liabilities, one would like to boost one's life cover. In such a case, the GI rider comes handy. Having the GI rider "insures your insurability" in the future by granting you the right to buy extra protection at various life stages without further medical review.